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BILL said it is accelerating the use of artificial intelligence across its own operations and within the financial operations platform it provides to businesses and accounting firms. During a call, CEO Matt Lacerte said AI innovation has moved from being one of the company’s top three priorities to its No. 1 priority, citing rapid deployment of new “agents” that are intended to create more value for customers and improve employee productivity.
In its financial operations platform, BILL reported that well over 100,000 customers have started using its agents to improve their financial operations. The company provided examples including an invoice coding agent that has automated 1.2 million invoices, and a card payments agent that has completed tens of thousands of card transactions without human intervention.
BILL also said that 494,000 businesses are using its solutions, according to an investor deck released Thursday.
Lacerte said that in the near future, customers joining BILL will not only adopt software, but will also bring on a team of expert agents that learn their financial back office and run it.
Internally, BILL said it is using AI to improve efficiency and execution. One example cited was the deployment of a quality assurance agent that evaluates all customer interactions, compared with the 1% to 2% an employee previously reviewed. The company said the agent provides real-time feedback and cues to support staff during calls.
“Seeing this in action enables us to transition to completely new ways of operating,” Lacerte said.
BILL said it is entering a new phase that requires focusing resources on priorities that drive the most value, noting that the time between vision and execution has shortened. The company also said it is operating with a flatter, leaner and faster team.
BILL added that it has chosen to align to this new structure now, and that by the end of Q4 it will reduce the workforce by up to 30%.
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